Anyone heard of these guru’s?

Hi

Forget the software; save your money and put it towards your next deposit.

The software will only make Richmastery wealthy, not you…

However, the next property, then the next property etc will…

Cheers

David U

I’m thinking about writing my own software, PS I was at the richmastery seminar last night in Canberra.

Thanks very much for that!

Hi there,

well… I went to the richmastery one night seminar tonight in Sydney and i thought it was pretty good. Ten thumbs up, in fact. It filled in a lot of gaps for me, surprisingly for a one-nighter which are usually a bit superficial and simple, and was good value, because it started at 6.30 and apart from one short break went until 11pm. Yes, they were selling their 3 day seminar hard for at least the last half hour (which was optional) if not more, but so was Dolf De roos when I saw him, and so was Kiyosaki.
Truth is, there is too much information to cover in one night if you want any sort of detail, which is why they run a three day event, I guess. Their event is long 10-hour days, too.

During the evening they mentioned – and only mentioned – the words ‘wraps and lease options’ as a passing thing – and when someone asked them to explain, they said ‘we’d need a couple of hours to run over that, and we do go into that over the weekend in detail’. I thought that was a valid comment – wraps and lease options are a big topic.

The particular things I liked about the seminar was the detail they went into about applying for finance. There was a lot of stuff I personally needed to know and hadn’t heard in that much detail at any of the seminars I have been to, or any books. Of course, part of it was looking professional by printing out the deals you want finance for on their gunny software. Yes, there are products available for less, and yes, it is only a glorified excel spreadsheet which you can make for free if you have the inclination. But there is no doubt it is perfectly good software which does what it says it does, is well customised for each state, and whether it’s worth the price to a person would depend on that person’s time/cash/ and skills!

I have wanted to buy software for ages now, but the one that works on a Mac i don’t like, and the two that I like – theirs being one, and REAP being the other, don’t work on a Mac. Bummer! I wouldn’t actually care about spending a few hundred bucks on some software if a) it saves me time b) it doesn’t make as many mistakes as I do with a calculator and c) it makes me look more professional with less mucking around. (the software is easy to use.) But then again maybe I’m easily sucked in, because I do tend to want to buy something every time I go to a seminar!
But then again, if I hadn’t, I wouldn’t be here talking about property now…..

As someone who now has two IPs going on three, I can definitely see the use for software to manage everything just as I use software for everything else in my business – there’s no doubt that computers make things easier and more fun somehow. So I will stick up for them and their software, and even the price, on that point. They also have phone mentoring by the minute, 24/7 which I think is a pretty good service. probably expensive, but good for a person who needs to know they can call someone and pick their brain on an as-needed basis.

they are also selling their ‘deal-finding’ service, (they tie up properties they have analysed, and then pass them on for a finders fee of between 3-5K.) but again, i think that is legit. I mean, there are people asking all the time on this forum ‘are there any buyers’ agents out there?’ and here you have a legitimate business, now in Australia too, born from Phil’s friends saying ‘if there are any deals you find but can’t take, let me know’.
They have two types of deals, cashflow and capital gain, colour coded – their belief is that it is hard to get both in the one property. from what they explained, they have property-finders in most states looking for them, and the ones they pass up get on the net. But even then they are very stringent in selecting them, and sometimes a property-finder may only have one out of 97 deals accepted for the web.

I liked their explanation of how to balance a portfolio – they buy three cashflow +ve properties to every one capital gain property. they say, depending on your goals, you could for example) keep on buying cashflow properties to begin with until you reached your target income per week, and then start to buy capital gain properties. I hope I am explaining it right, but it made perfect sense tonight.

They also email you 18 pages of notes after the event if you give them your email address. They gave out $1 scratchies to illustrate the point that lotto is a gamble, but a plan you make yourself will actually happen.

after their three day seminar, to encourage people to take action (like steve they say that so many people come to the course, but so few do anything about it) – they have a suitcase with $10K cash in it. They get the graduates to send in their news of what deals they’ve done, including copies of the titles. then after a month they give the money as a prize to the graduate who’s done the best! (don’t know how they measure it, but still, cool idea! and they reckon it’s one of the things that make their graduates go out there and do deals!)

That’s all for now
cheers-
Mini

hi guys,

There’s a previous post over the last week about Richmastery’s seminars. I attended the intro seminar and the 3 day one last year.

quote:

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Their event is long 10-hour days, too.

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24 hours – 4 hours sleep between days = 20 hours in my calculations! Well it’s actually about 40 hours of learning contact (not including lunch/dinner/breaks) for the three days because you start 8am the first day and finish 6pm on the last day. It’s pretty full on and you get a lot of unexpected things happening. One of the really good aspects of the seminar is that they try and mix in a bit of light entertainment into the seminar so it’s enjoyable (and so that you stay awake!).

Everyone that attended last years was wrapped with the seminar, some of the guys I spent a lot of time with commented that it was the best seminar they had been to, and they listed about 20 other seminars they’d attended. One even thought he got more out of it than the $50,000 Henry Kaye seminar he’d just come from!

Phil and David know their stuff, and they’ve got a very good business going for them. They also own and run the NZ Property Investor Magazine. You’ll hear one of Davids stories about his positive cashflow nursing home he purchased and renovated. Does $100,000 a year positive cashflow after expenses sound like a good purchase?!! The seminar isn’t about commercial property just residential, but they open up your context a lot during the seminar.

Their software is great, takes 2 mins to get a 95% accurate calculation of the properties financials including 10 year projections (estimated of course), tax rebates etc etc. They also include their own bank application form (which apparently all banks currently accept) which all of the financials are generated from their aquisition software complete with your personal financials, current portfolio details etc which have all been previously entered and saved into the software. All you need to do is print it off, add the date and a signature and your done! Good for applying to multiple banks. They also have a portfolio manager and contract clauses you can put straight into purchase contracts.

I also bought the seminar video recording of last years event which if anyone would like you can email me at [email protected]

Overall, the seminar was great and so is the software (but I haven’t seen other products to compare). I know for $700 I certaintly couldn’t be bothered making my own or hunting around for 6 or 7 other products to do the same job (but you wont get the linked benifit of information being shared between the different software programs).

They’ve also just written a book with Brad Sugars which I’ve just started reading, this could be a cheap preview of what sort of stuff they’ll cover. It’s called Real Money Real Estate.

Leigh []